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REVENUE RECOGNITION
 12 Months Ended
Aug. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION
NOTE 4. REVENUE RECOGNITION

Revenue from Contracts with Customers
The majority of the Company's revenue is recognized at a point in time concurrent with the transfer of control, which usually occurs, depending on shipping terms, upon shipment or customer receipt. See Note 19, Segment Information, for further information about disaggregated revenue by our major product lines.

Certain revenue from the Company's downstream products in the North America Steel Group segment is not recognized at a point in time. Revenue resulting from certain sales of fabricated rebar in the North America Steel Group segment is recognized over time, as discussed below. Revenue resulting from sales of other downstream products in the North America Steel Group segment is recognized equal to billing under an available practical expedient.

Each of the North America Steel Group segment's fabricated rebar contracts represent a single performance obligation. Revenue from certain fabricated rebar contracts for which the Company provides fabricated product and installation services is recognized over time using an input measure, and these contracts represented 8% of net sales in the North America Steel Group segment in 2024, 2023 and 2022. Revenue from fabricated rebar contracts for which the Company does not provide installation services is recognized over time using an output measure, and these contracts represented 10%, 12% and 9% of net sales in the North America Steel Group segment in 2024, 2023 and 2022, respectively.
The following table provides information about assets and liabilities from contracts with customers:
(in thousands)August 31, 2024August 31, 2023
Contract assets (included in accounts receivable)$57,007 $67,641 
Contract liabilities (included in accrued expenses and other payables)35,356 28,377
The entire contract liability as of August 31, 2023 was recognized in 2024.

Remaining Performance Obligations
As of August 31, 2024, revenue totaling $983.5 million has been allocated to remaining performance obligations in the North America Steel Group segment related to contracts for which revenue is recognized using an input or output measure. Of this amount, the Company estimates that approximately 79% of the remaining performance obligations will be recognized during 2025 and the remainder will be recognized during 2026. The duration of all other contracts in the North America Steel Group, Europe Steel Group and Emerging Businesses Group segments are typically less than one year.